EnergyWatch

Europe's USD 38 billion carbon market is finally doing its job

European policy makers have made it clear that they will phase out coal within the next decade, and major polluters are now finally getting their act together and turning to renewables as regulations tighten their grip on the industry.

Photo: /ritzau/AP/Martin Meissner/

Europe's USD 38 billion a year carbon market is finally starting to work the way it was intended, reining in pollution with a minimum of squealing from industry.

Thirteen years after it was created to limit carbon-dioxide emissions, prices for the allowances are rising. European Union policymakers have enacted measures expected to keep the cost of pollution on an upward trajectory through 2030, prompting hedge funds that abandoned the market to pile back in.

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